MIRA
INFORM REPORT
|
Report Date : |
23.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
MEHTA FROZEN FOODS CARRIERS PRIVATE LIMITED |
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Registered
Office : |
106 Tayabi Building Sophia Zuber Road, Near Nagpada Police Station,
Nagpada, Mumbai – 40008, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.08.2007 |
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Com. Reg. No.: |
11-173622 |
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Paid-up Capital
: |
0.100 Million |
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CIN No.: [Company Identification
No.] |
U60230MH2007PTC173622 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider of cargo transportation, freight transportation and
deals in material holding equipment |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 12000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has incurred some losses in the current year. However, trade relations are reported
as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
106 Tayabi Building Sophia Zuber Road, Near Nagpada Police Station,
Nagpada, Mumbai – 40008, Maharashtra, India |
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Tel. No.: |
91-22-23004786/23015786 |
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Fax No.: |
91-22-23013786 |
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E-Mail : |
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Website : |
DIRECTORS
As On 29.09.2010
|
Name : |
Mr. Mansur Abubaker Mehta |
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Designation : |
Director |
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Address : |
Flat No. 1401, P No. 89, Cs No
1866, Shamrock, CHS Limited, MS Marg, Souter Street Agripada, Mumbai –
400008, Maharashtra, India |
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Date of Birth/Age : |
02.01.1967 |
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Date of Appointment : |
30.08.2007 |
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DIN No.: |
01643019 |
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Name : |
Hamidabanoo Abubaker Mehta |
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Designation : |
Director |
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Address : |
Flat No. 1401, P No. 89, Cs No
1866, Shamrock, CHS Limited, MS Marg, Souter Street Agripada, Mumbai –
400008, Maharashtra, India |
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Date of Birth/Age : |
12.09.1940 |
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Date of Appointment : |
30.08.2007 |
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DIN No.: |
01643034 |
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Name : |
Ms. Shabnam Mansur Mehta |
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Designation : |
Director |
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Address : |
Flat No. 1401, P No. 89, Cs No
1866, Shamrock, CHS Limited, MS Marg, Souter Street Agripada, Mumbai – 400008,
Maharashtra, India |
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Date of Birth/Age : |
08.10.1970 |
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Date of Appointment : |
30.08.2007 |
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DIN No.: |
01643026 |
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Name : |
Mr. Mubeen Mansur Mehta |
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Designation : |
Director |
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Address : |
Shamrock CHSL, Flat No. 1401, Plot 89, CSN 1866, Meghraj Shethi Marg,
Souter Street, Agripada, Mumabi – 400008, Maharashtra, India |
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Date of Birth/Age : |
08.12.1991 |
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Date of Appointment : |
13.01.2001 |
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DIN No.: |
03156531 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shabnam Mehta |
|
3000 |
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Mansur Mehta |
|
4000 |
|
Hamidabanoo Mehta |
|
3000 |
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Total |
|
10000 |
As On 05.01.2011
|
Names of Shareholders |
|
No. of Shares |
|
Shabnam Mehta |
|
10000 |
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Mansur Mehta |
|
10000 |
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Total |
|
20000 |
As On 29.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of cargo transportation, freight transportation and
deals in material holding equipment |
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GENERAL INFORMATION
|
Suppliers : |
·
ACE Instruments ·
D D Enterprise ·
Hasan Auto Garage ·
Joe-Aircon ·
Mega Petroleum ·
Lucky Engineers ·
Om Batterys ·
Om Sai Automobiles ·
Pappu Auto Engineering Works ·
Mobicool System ·
Jay Kay Food Carriers ·
Allana Sons ·
Anuradha Service Station |
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Customers : |
·
Accelerated Freez Drying Limited ·
Agro Product ·
A L Choudhary ·
Allana Sons Limited ·
Cargill India Private Limited ·
Capital Foods Exports Private Limited ·
Cochin Trade Lines ·
Dars Specifies ·
Deva Shree Foods Private Limited ·
Hak Agro Foods ·
Godrej Tyson Foods Limited ·
Gland Pharma Limited |
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No. of Employees : |
Not Available |
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Bankers : |
·
ABN Amro Bank ·
HDFC Bank Limited ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ashok Dinesh and Associates Chartered Accountant |
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Address : |
40/98, Mansur Building, Princess Street, Mumbai – 400002, Maharashtra,
India |
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Tel. No.: |
91-22-22001492 |
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E-Mail : |
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Pan No.: |
AABPJ6309E |
CAPITAL STRUCTURE
As On 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
Million |
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After 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
30000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.300
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.926 |
2.994 |
0.794 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.026 |
3.094 |
0.894 |
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LOAN FUNDS |
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|
1] Secured Loans |
9.866 |
1.226 |
2.896 |
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2] Unsecured Loans |
7.660 |
10.178 |
1.195 |
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TOTAL BORROWING |
17.526 |
11.404 |
4.091 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
20.552 |
14.498 |
4.985 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.992 |
17.775 |
20.243 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
17.440
|
9.204 |
8.973 |
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Cash & Bank Balances |
1.777
|
1.167 |
0.714 |
|
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Other Current Assets |
0.035
|
0.119 |
0.237 |
|
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Loans & Advances |
5.174
|
16.205 |
0.894 |
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Total
Current Assets |
24.426
|
26.695 |
10.818 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
45.531
|
29.504 |
|
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Other Current Liabilities |
0.000
|
0.086 |
25.746 |
|
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Provisions |
0.335
|
0.382 |
0.330 |
|
Total
Current Liabilities |
45.866
|
29.972 |
26.076 |
|
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Net Current Assets |
(2.144)
|
(3.277) |
(15.258) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL |
20.552 |
14.498 |
4.985 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Transport Charges |
114.617 |
89.873 |
|
|
|
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Profit from MRL |
0.247 |
0.256 |
|
|
|
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TOTAL (A) |
114.864 |
90.129 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
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Transport charges paid |
5.043 |
3.347 |
|
|
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Trip operating charges |
62.390 |
52.019 |
|
|
|
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Leasing and Hire Charges |
6.731 |
4.724 |
|
|
|
|
Loading and unloading expenses |
0.344 |
4.826 |
|
|
|
|
Loading and unloading supervising fees |
1.255 |
0.000 |
|
|
|
|
Tax and permit expenses |
4.650 |
3.118 |
|
|
|
|
Operating and other administrative costs |
5.008 |
2.851 |
|
|
|
|
Upkeeing and maintenance expenses |
12.111 |
9.092 |
|
|
|
|
Goods shortage |
0.655 |
0.037 |
NA |
|
|
|
Donation |
0.200 |
0.350 |
|
|
|
|
TOTAL (B) |
98.387 |
80.364 |
|
|
|
|
|
|
|
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|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.477 |
9.765 |
|
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
0.019 |
0.034 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.458 |
9.731 |
|
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.664 |
7.516 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(0.206) |
2.215 |
|
|
|
|
|
|
|
|
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|
Less |
TAX (I) |
0.000 |
0.015 |
|
|
|
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|
|
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|
PROFIT/(LOSS)
AFTER TAX (G-I) (J) |
(0.206) |
2.200 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(24.10) |
194.40 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.18)
|
2.44 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.18)
|
2.46 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.31)
|
4.98 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
6.81
|
0.72 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
20.95
|
13.37 |
33.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.53
|
0.89 |
0.41 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
·
The company has incurred net loss of Rs. 0.241
million during the year due to depreciation of Rs. 1.700 millions on new fixed assets
purchased during the year. Total 27 new motor lorry purchased during the year.
·
Total transport charges received during the year
Rs. 114.618 millions (previous year was Rs. 89.873 millions) hence increase of
27.53% over previous year.
·
The Highlights of performance of the company of the
year 2009-10 were as under with comparison of previous year’s performance.
Fixed Assets:
·
Motor Lorry
·
Computer
·
Motor car
·
Office furniture
·
Scooter
AS PER WEBSITE
DETAILS
PROFILE:
A MRL GROUP company specialized in the transportation of deep frozen goods equipped with excellent equipment to maintain the steady temperature levels, with extra insulation’s for extreme cold temperature, to sustain long distance transportation involving several days. They guarantee, maintaining the temperature levels in our trailers, as required for various types of frozen cargo. down to -29 şC. They operate nation-wide from coast to coast and north to south. They are having 60 trucks of sizes ranging from 9 feet to 40 feet with a container capacity of 3 tons to 26 tons, all containers built with Balmer Lawrie with 125 mm. POLY-URETHANE FOAM and Stainless Steel Lining with deep-freeze world leader in THERMOKING refrigeration equipment.
In order to maintain quality they get the refrigerated units maintained by Thermoking authorized dealers only. They also have Data Recorder System (DRS) and GPRS for truck locating to equally control.
They transport all commodities which involve refrigerated containers of different temperatures, like fresh fruits, meat, ice cream, mutton, chicken, yeast, flowers, butter, cheese etc. They have experts in there roll who are specialized in maintaining the temperature control equipment.
Some of their valued clients are McDonalds, Domino’s, Nestle, Britannia, Rich Cream, Vadilal Ice Creams, Walls Ice-creams, Deccan Flora, Allana, Venkey’s, Mccains, Dynamix Dairy, Morde Chocolate, Hoechst, Chiron, Starchicks and Aditya Birla Retail Limited.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.95 |
|
|
1 |
Rs.75.76 |
|
Euro |
1 |
Rs.66.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.